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Gold Tests Support At $1,200 As Fed Tinkers With Tiny Taper
Today’s AM fix was USD 1,205.25, EUR 881.16 and GBP 736.35 per ounce.
Yesterday’s AM fix was USD 1,233.25, EUR 896.97 and GBP 754.05 per ounce.
Gold fell $12.20 or 0.99% yesterday, closing at $1,218.50/oz. Silver slid $0.11 or 055% closing at $19.79/oz. Platinum dropped $10.99, or 0.8%, to $1,334.74 /oz and palladium edged down $1.28 or 0.2%, to $695.97/oz.
Gold in U.S. Dollars, 4 Day - (Bloomberg)
Yesterday, the U.S. Federal Reserve tinkered with a small taper as was largely expected. The Fed said it will reduce its monthly debt purchases by $10 billion per month, citing a better outlook for the U.S. jobs market. The taper reduces the $85 billion per month in bond buying marginally to $75 billion per month or from $19.6 billion per week to $17.3 billion per week.
The move was not unexpected and therefore pretty much priced into markets. However, risk assets reacted surprisingly well to the taper decision and continued to outperform with Wall Street stocks at record highs and Asian and European shares rallying.
Some traders were surprised that risk assets such as equities rallied on the reduction in quantitative easing while gold came under pressure again which is counter intuitive. Gold’s sell was again due to paper gold selling by traders speculators as there was little increase in selling by owners of bullion.
Gold (Black) and the Federal Reserve Balance Sheet (Red) - October 2008 to December, 2013
Arguably, the Fed’s small taper and statement is bullish for gold as the Fed confirmed that ultra loose monetary policies and the unprecedented zero percent interest policies are set to continue. Also, the Federal Reserve’s balance sheet continues to deteriorate as we pointed out yesterday.
Short positions by speculators on U.S. gold futures and options remain close to 7 and a ½ year highs and the risk of a short squeeze remains.
Physical buying in Asia will support gold. China will see continued strong demand in its Lunar New Year in January and February. Gifts of gold jewellery and gold bars are typical in China during this time.
Gold has had strong support at the $1,200/oz level. Spot gold has only breached that level once this year, hitting $1,180.20/oz very briefly intra day on June 28 and $1,180/oz and $1,200/oz remain support.
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It's over, gold is finished.
I for one, continue to dollar cost average on dips (like today) from fiat into the universal insurance policy used for millenniums globally. Soon, there will be NO MORE available or at the least, at today's bargain basement prices due to dwindling supply and, the desperate manipulation of physical metals by monetary criminals shaking in fear that the truth of their Ponzi scheme will be realized by the mass's.
Awake Western Sheeple!
Yesterday- 20 US Ag Eagles.
Today- 3 10oz. Ag bars.
Any questions?
The banksters and the pols have to be smiling, if any of them are reading the above comments. Whether manipulation of the pm metal markets has occurred or not they are winning. And that spells doom for the middle class and for liberty.
Bill Murphy: JPMorgan Silver And Gold Scandal Will Be Exposed
We continue our research on Gold and Silver manipulations and this year has already provided us with a lot of revelations on this topic. So far China has benefited the most buying record amount of Gold at the artificially suppressed price levels.http://sufiy.blogspot.co.uk/2013/12/bill-murphy-jpmorgan-silver-and-gold...
Realist view: Many many people have been suckered into gold partially due to all this hype on ZH, I for one will admit I've bought into mining funds over the last couple years on the way down...BAD MOVE. This is partially due to articles like this one which make all these statements of paper manipulation "It has to come to an end". The part I FAILED to account for is that the powers at bay are fully capable of manipulating gold at will. You ZH gold authors should fell a bit guilty of not recognizing these forces and stating the truth...that gold SHOULD go up...but WON'T go up due to manipulation. People are buying on your "Shorts are at 7.5 year high, risk of short squeeze, Physical buying in Asia will support gold. China will see continued strong demand in its Lunar New Year in January and February. Gifts of gold jewellery and gold bars are typical in China during this time.
Gold has had strong support at the $1,200/oz level. Spot gold has only breached that level once this year, hitting $1,180.20/oz very briefly intra day on June 28 and $1,180/oz and $1,200/oz remain support."
ZH authors are the biggest Gold Cheerleaders around, and I admit, I allowed them to slightly influence my purchasing decisions.
I began buying physical gold in 2006 or 2007. I have nothing to show, not even that lousy t-shirt. Gold is like those "collector" coins some mints sell; not going to ever get anything resembling a ROI. In hindsight, gold was a huge bubble. Reaching the previous top will require 20-30 years and a new generation of suckers. Call this a capitulation if you will.
Bitcoin, on the other hand, is everything gold wanted to be. Got in before that mad China rally, cashed some before that mad China dip. Difficult to lose now.
goldcore = PM shill.
Gold will turn only when all the bulls and fraudsters have stopped calling for higher gold prices. The bottom is a LONG way off yet.
Please explain how do you sustain low prices while all the mines shut down due to lack of margin.
Oh and while you're struggling, I'll take the opportunity to buy more on the cheap.
Since less than 2% of supply comes from the miners, even a small dip in demand could wipe out the industry. You will be buying cheap for many, many years and in the end left with a hunk of yellow metal and no real savings.
I will buy cheap for as long as I can enjoy it, until there's none left to buy.
Yeah, I will buy yours too. Except you don't have any, right? You don't really have any say about the price then.
Gold is showing 1175 as support
http://bullandbearmash.com/chart/spot-gold-daily-falls-heading-1175-supp...
Rising USD is putting more downward pressure on gold (priced in USD)
I´ve said it so many times, ¨dont get sad when PM´s get slammed down!¨ The vast majority of us here at ZH know that the fundamentals for PM´s are alive and better than ever, and that the point at which the central banks lose their abilty to manipulate the metals is drawing ever nearer. I personally am thankful for the opportunity to keep buying at still further discounted prices. For those of you that are tired of waiting, I have one very simple message, consider ths: The day that PM prices finally go to the moon will be the day the world economy has completely crashed. When that happens life will never be the same again (even for those of us that prepared financially. The world we live in today offers many things (many of them good) that the post-crash world will not. Look at this as a positive thing and an opportunity to further prepare, I assure you the time will come when we all long for the days before the economic colapse no matter how much PM´s we own when it happens.
That day will never come. You have been dupped.
Yes, the Banks have successfully suppressed gold all the way from $41 to $1,200. Did you buy any?
They are toying with you. They can remanipulate back to $40 an oz if they want to. Silver can go to $2 or $1 an oz. They can manipulate anything and everything. ZH isn't some oracle of truth, its a policy tool. You have been duped.
...another typical Jackass comment?
unlike bitchcoin GOLD IS AN INSURANCE POLICY AGAINST DISASTER ...not a speculation vehicle against Federal Reserve Notes.
...still confused?
It's like collecting bullets, Son. Nobody wants to use Lead, right?
Now go back to your Kottonmouth Kings videos "Bro".
http://www.youtube.com/watch?v=QEs7Ugro6Fw
It's like a life insurance policy. You hope it will be a while longer until your beneficiaries collect....
Hey bro, hows that 1900 gold woiken 4 ya?
Bad.
I've bought a 20FRF of gold today. Planning to convert 1000USDeq in the next month.
Staking since 2005.
Miner offer astounding value, check
Strategic Metals Ltd. (CVE:SMD) 33mio market cap, 33 mio cash. 10+ participations valued 0, 10+ royalties valued 0, 10+ earlyes valued 0. Management etc, valued 0.No downside, bleeding but continuing.
Not easy to find people selling 1KG silver nowadays... good luck.
I would also add that global situation is beyond ridiculous. Bankster are winning, and probably enginnering WW3. So I suggest to continue to buy gold and ammo. Ammo can eventually be easily reselled for a profit 5-10-15 years down te road.